Operating profit expanded 21 per cent year on year in the six month period ended June 30, 2016 to reach CHF 19.1 million at Switzerland based composites maker Gurit, while operating profit margin reached 10.5 per cent. The operating profit includes expenses of CHF 2.5 million, mainly related to non cash impairment charges of CHF 2.0 million.
According to Gurit, operating profits expanded due the continued good turnover in the tooling business as well as a favourable product mix in the composite materials business.Operating profit expanded 21 per cent year on year in the six month period ended June 30, 2016 to reach CHF 19.1 million at Switzerland based composites maker Gurit, while operating profit margin reached 10.5 per cent. The operating profit includes expenses of CHF 2.5 million, mainly related to non cash impairment charges of CHF 2.0 million.#
“Moreover, the ongoing operational improvements contributed strongly to the excellent profitability, while raw material sourcing conditions too were favourable in the first half of 2016,” it added.
For the first half of 2016, the company reported net sales of CHF 182 million, which represents a currency-adjusted growth of 3 per cent and 2.5 per cent in reported terms over the same period of 2015.
In the reporting period, Gurit generated a positive net cash flow from operating activities of CHF 12.6 million as against CHF 7.3 million in the first half of 2015, mainly due to the higher operating profit.
The company said its balance sheet remains very solid, with an equity ratio of 72.9 per cent at the end of June 2016 as compared to 71.4 per cent at the end of December 2015. (AR)
Fibre2Fashion News Desk – India
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